Member Info for JWD79

Good to hear from you ISA..... hoping you re-invested again this morning.
Sure they will be moving swiftly on this - they have bond holders to keep happy....
Don't be a stranger

Noted some comments earlier referring to Amigo allegedly lending Irresponsibly….
Consider the Chancellors scheme when it comes to irresponsible lending…
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https://www.nao.org.uk/wp-content/uploads/2020/10/Investigation-into-the-Bounce-Back-Loan-Scheme.pdf
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Page 6 - (3) = The Scheme’s design focused on decreasing the time between application and payment of loans, which was a concern for businesses. THE SCHEME ACHIEVED THIS BY REMOVING ADMINISTRATIVE COMPLEXITIES INHERENT IN A LOAN APPLICATION PROCESS. IT REDUCED THE COMPLEXITY, IN PART, BY REMOVING CREDIT AND AFFORDABILITY CHECKS REQUIRED UNDER THE CONSUMER CREDIT ACT.

Page 7 – (4) = The loans are provided by commercial lenders (for example, banks, building societies and peer-to-peer lenders) directly to businesses, WHO ARE EXPECTED TO REPAY THE DEBT IN FULL. FAILURE TO DO SO MAY HAVE A NEGATIVE IMPACT ON THEIR CREDIT SCORE AND MAY AFFECT THEIR ABILITY TO BORROW IN THE FUTURE…
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The Chancellors Scheme was introduced to remove the administrative complexities inherent to a loan application, due to a backlog of applications.

Will victims of the Chancellors Scheme be entitled/recompensed for any irresponsible lending? Like Amigo is? And if victims end up with poor credit - will this be revoked?

Chancellors Scheme IMO = Appears to be irresponsible lending.

Amigo Scheme IMO = Complainants/creditors settled - Employment opportunities and responsible, regulated lending continues - for those with both good and poor credit.

Will the Chancellors scheme come under as much scrutiny as Amigo?

Are Amigo (new board) really the villain – the scheme I understand is fair / legal and benefits the majority.

THE GOVERNMENT (Chancellor’s scheme) IMO should be setting a precedent – as opposed to throwing money around like confetti… which I understand forms part of the argument towards the Amigo demise.

Yet it is deemed acceptable for our Government… to do just the same… peculiar.

Pot calling the kettle black… IMO

Playing devils advocate - if the leak came from the FCA would you trust it?

If the FCA were leaky - one would have to ask how reliable the leak was

Good post Mister.E

DYOR - No one has a clue until the verdict.
IMO - If the SOA gets through = Slow recovery over 4/5 years

Unbelievable!!!

FCA in all correspondence - have reserved their right to change their mind at any time

https://www.youtube.com/watch?v=vjD3EVC1-zU

I just did on HL

I just managed to top up on HL @12.2986p

We are in limbo, uncertainty - Yesterday was a lot for ISA to carry out, considering he had other commitments - The majority (from what I have seen) myself included - are grateful - (not to the extent I would hand my wife over - as another member inferred...: ) I recall ISA was also contending with another call at one point... Dedication!
Hopefully ISA will not take any negative comments personally (I haven't seen any as yet).
Agree, was disappointing no one pipped in to assist when asked - Clearly ISA has set a standard - a standard the minority who could have, were unable to sculpture.
A great loss for the majority, should the minority spoiling this - succeed.

Good shout LTHcine

I believe the Judge will still have a bee under his bonnet with the ultimatum behind leveraging the scheme through - never sat well (this or nothing)... With the recent attention from JP etc - I'm quite certain an alternative plan lurks behind the scenes.
In the short term I see shareholders taking some flack - anyone having monitored this forum - comments such as yum yum Lamborghini... yum i'm going to pay off my mortgage... etc - will not have helped - considering the schemes purpose.
I maintain a view / remain invested - Amigo will not go into administration either way of the verdict - a much slower bounce/recovery will be planned/in store - IMO

If the FCA's concerns have been ironed out pre court - this could be over by lunch time, RNS dropped and suspension lifted this afternoon

With everything in place, judgement could be passed quickly, which would be good

DonorSoul/Mariog - Until the verdict, they wont make a move... could ultimately go against them... Setting up a new company isn't difficult - they already have 10... One company was their canteen!

Two scenarios
Considering first – we are invested in Amigo Holdings - Not Amigo Loans (the company at court).
IMO – If investors don’t panic sell - then the Rewards are inevitable either way of the SOA, safest place to be for reward – is to remain invested / or invested before Wednesday – but DYOR.
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Scenario 1
Unsuccessful SOA = SP drop – claimants loose, as will investors that panic sell.
Amigo Loans files for administration – (NOT Amigo Holdings).
The SP drop would present another excellent buy in opportunity – No doubt many hoping for this.
Dust settles - few weeks later - Amigo 2 surfaces = SP through the roof.
Investors - WIN
Claimants - LOOSE
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Scenario 2
Successful SOA = Instant Reward
However, for those not invested pre-court…. opportunity to buy back in (at this level) - during a heated rat race – good luck with that…. Assuming 50/60p + within the hour of verdict.
Claimants and Investors - WIN
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Considering NO ONE KNOWS what the judge will decide! JP (others) have played it safe – brought in at the correct time.
They will not leave it to CHANCE, for the verdict - in hope of getting a better price… Which to me suggests, they are prepared for the verdict to go either way and there is a PLAN B firmly in place.
Just to reiterate – the above is my opinion – interested to hear others.
Holding Strong!
GLA

Stevielad66 - Because there will be a plan B in place - which won't be administration

Remember –
Amigo/GJ – last 6/7 months have worked alongside the FCA to find a solution for the complaints raised – plus avoid/reduce future complaints by amending lending policies etc.
FCA do not want Amigo to wind up in administration. FCA are not the villain!
A solution (SOA) was proposed, FCA did not stop the vote.
Complainants were given the opportunity to vote - 95% who bothered to vote - were in favour.
Therefore, the claimants responsible for bringing the FCA to Amigo in the first place – 95% are now satisfied with the solution proposed – which in turn - is the successful result the FCA set out to achieve.
If the SOA is not approved, the FCA in turn have failed - the judge would also require an unfathomable reason to go against.
The FCA are understandably doing as little as possible - to allow the SOA through – same time not to be seen condoning/promoting the idea of the SOA – TO COVER THEIR 8RSE – Their job is not to promote! That would open them up to all sorts.
For the doubters - If the FCA intended to stop this… Believe me - they would! And with guns blazing!
Everyone in this wants a successful outcome - including Judge/FCA.
DYOR
Have a good weekend all.